Albemarle (NYSE:ALB) Given New $200.00 Price Target at Wells Fargo & Company

Albemarle (NYSE:ALB) had its price objective raised by stock analysts at Wells Fargo & Company from $165.00 to $200.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 2.43% from the stock’s previous close.

Several other research firms also recently weighed in on ALB. Citigroup boosted their price target on Albemarle from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Tuesday, April 21st. Morgan Stanley boosted their price target on Albemarle from $170.00 to $189.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 28th. UBS Group boosted their price target on Albemarle from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. Zacks Research downgraded Albemarle from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 17th. Finally, HSBC boosted their price target on Albemarle from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Thirteen investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $187.00.

Albemarle Stock Down 1.6%

ALB stock traded down $3.10 on Friday, hitting $195.25. 547,553 shares of the company’s stock were exchanged, compared to its average volume of 2,569,605. Albemarle has a 12-month low of $53.70 and a 12-month high of $221.00. The firm has a 50 day moving average price of $179.56 and a two-hundred day moving average price of $154.41. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.57 and a current ratio of 2.23. The stock has a market cap of $23.02 billion, a P/E ratio of -57.22, a price-to-earnings-growth ratio of 1.38 and a beta of 1.36.

Albemarle (NYSE:ALB) last posted its quarterly earnings results on Wednesday, May 6th. The specialty chemicals company reported $2.95 earnings per share for the quarter, beating the consensus estimate of $1.24 by $1.71. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.34 billion. Albemarle had a positive return on equity of 5.20% and a negative net margin of 5.00%.The company’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.18) EPS. As a group, equities research analysts expect that Albemarle will post 8.72 EPS for the current fiscal year.

Insider Activity

In other news, CEO J Kent Masters sold 11,783 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $170.81, for a total value of $2,012,654.23. Following the completion of the transaction, the chief executive officer owned 134,628 shares of the company’s stock, valued at $22,995,808.68. The trade was a 8.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.42% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Albemarle

Institutional investors and hedge funds have recently modified their holdings of the stock. MH & Associates Securities Management Corp ADV acquired a new position in shares of Albemarle in the 4th quarter valued at about $26,000. Elyxium Wealth LLC acquired a new position in shares of Albemarle in the 4th quarter valued at about $34,000. Torren Management LLC acquired a new position in Albemarle in the 4th quarter worth about $38,000. Sound Income Strategies LLC raised its holdings in Albemarle by 190.1% in the 1st quarter. Sound Income Strategies LLC now owns 293 shares of the specialty chemicals company’s stock worth $52,000 after purchasing an additional 192 shares during the period. Finally, Root Financial Partners LLC raised its holdings in Albemarle by 121.5% in the 4th quarter. Root Financial Partners LLC now owns 299 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 164 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation is a leading global specialty chemicals company primarily engaged in the production and distribution of lithium, bromine, and catalysts. Its lithium segment supplies key components used in rechargeable batteries for electric vehicles, portable electronics, and grid storage systems. The company’s bromine specialty products serve a wide range of industries, including oil and gas drilling fluids, fire safety solutions, and water treatment. In its catalysts division, Albemarle provides products for petroleum refining, chemical processing and emissions control.

Founded in 1994 as a spin-off from Ethyl Corporation, Albemarle has grown through strategic acquisitions and capacity expansions to become one of the world’s foremost chemical producers.